Kellanova vs Kraft Heinz: Revenue, Profit and Business Model
Kellanova had $12.7B of annual revenue in FY2024 and $1.3B of net income. Kraft Heinz had $24.9B of annual revenue in FY2025 and a net loss of $5.8B.
Latest financial snapshot
Kellanova
- Latest annual revenue
- $12.7B (FY2024)
- Net income
- $1.3B
- Net margin
- 10.5%
- Revenue growth
- -1.5% a year, FY2015–FY2024
Kraft Heinz
- Latest annual revenue
- $24.9B (FY2025)
- Net income
- -$5.8B
- Net margin
- -23.4%
- Revenue growth
- -0.6% a year, FY2016–FY2025
Financial summary
Kellanova
Kellanova's last standalone Form 10-K reported FY2024 net sales of $12.749 billion, down 2.8% from $13.122 billion in FY2023, and net income of $1.343 billion, up from $951 million. Figures for 2021 and later reflect continuing operations after the WK Kellogg Co spin-off; earlier years are the legacy Kellogg Company. Mars paid $83.50 per share in cash, valuing Kellanova at about $35.9 billion including debt. Since the December 11, 2025 close, Kellanova no longer files quarterly or annual results with the SEC, and Mars, a private company, does not break out Kellanova's numbers. Kellanova (formerly the global snacking division of Kellogg's) is a monumental multinational food manufacturing company, recently targeted for acquisition by Mars in a massive $35.9 billion deal.
Kraft Heinz
Kraft Heinz's net sales peaked at $26.6 billion in 2023 and fell to $25.846 billion in 2024 and $24.942 billion in 2025. Profitability swings with impairments: the company reported a $10.2 billion loss in 2018 after the $15.4 billion write-down of Kraft and Oscar Mayer brands, profits of $2.4 billion to $2.9 billion from 2022 to 2024, and a $5.846 billion net loss in FY2025 on a $4.669 billion operating loss. In Q2 2026 (quarter ended June 27, 2026), net sales were $6.262 billion, down 1.4%, and a $7.4 billion non-cash impairment produced a $6.4 billion operating loss and a net loss of about $5.46 billion. Cash generation is steadier: year-to-date 2026 operating cash flow was $2.1 billion and free cash flow $1.7 billion, and the company returned $0.9 billion to shareholders, including a $0.40 quarterly dividend. Market capitalization was about $29 billion in September 2026, far below the more than $100 billion value it reached in 2017. The Kraft Heinz Company is a colossal American multinational food and beverage conglomerate, commanding a market valuation generally exceeding $40 billion.
Revenue and profit by year
Kellanova
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2024 | $12.7B | $1.3B | 10.5% | -2.8% | Source |
| FY2023 | $13.1B | $951M | 7.2% | +3.7% | Source |
| FY2022 | $12.7B | $960M | 7.6% | +7.7% | Source |
| FY2021 | $11.7B | $1.5B | 12.7% | -14.7% | Source |
| FY2020 | $13.8B | $1.3B | 9.1% | +1.4% | Source |
| FY2019 | $13.6B | $960M | 7.1% | +0.2% | Source |
| FY2018 | $13.5B | $1.3B | 9.9% | +5.4% | Source |
| FY2017 | $12.9B | $1.3B | 9.8% | -0.9% | Source |
| FY2016 | $13B | $699M | 5.4% | -11.1% | Source |
| FY2015 | $14.6B | $632M | 4.3% | — | Source |
Kraft Heinz
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $24.9B | -$5.8B | -23.4% | -3.5% | Source |
| FY2024 | $25.8B | $2.7B | 10.6% | -3.0% | Source |
| FY2023 | $26.6B | $2.9B | 10.7% | +0.6% | Source |
| FY2022 | $26.5B | $2.4B | 8.9% | +1.7% | Source |
| FY2021 | $26B | $1B | 3.9% | -0.5% | Source |
| FY2020 | $26.2B | $356M | 1.4% | +4.8% | Source |
| FY2019 | $25B | $1.9B | 7.7% | -4.9% | Source |
| FY2018 | $26.3B | -$10.2B | -38.8% | +0.7% | Source |
| FY2017 | $26.1B | $10.9B | 42.0% | -0.9% | Source |
| FY2016 | $26.3B | $3.6B | 13.7% | — | Source |
Where the revenue comes from
Kellanova
- Snacking Brands
largest contributor
Pringles, Cheez-It, Pop-Tarts, Rice Krispies Treats, RXBAR, and other snack brands drove the growth profile that made Kellanova attractive to Mars Snacking.
- International Cereal and Noodles
meaningful global base
Kellanova kept Kellogg's international cereal brands and noodle businesses after the North American cereal spin-off, giving it a global grocery footprint beyond U.S. snacks.
- Frozen and Plant-Based Foods
smaller portfolio segment
Frozen breakfast and plant-based products added category breadth but were smaller than the company's global snacks platform.
Kraft Heinz
- North America~74%
US and Canada retail and foodservice sales of Heinz, Kraft, Oscar Mayer, Philadelphia, Lunchables, Velveeta, Capri Sun, and Maxwell House. H1 2026 net sales were $9.084 billion, down 1.7%.
- International Developed Markets~14%
Developed markets outside North America, including the UK, Europe, Australia, and Japan, led by Heinz condiments, beans, and soups. H1 2026 net sales were $1.708 billion, down 0.3%.
- Emerging Markets~12%
West and East Emerging Markets plus Asia Emerging Markets, including Brazil, Mexico, the Middle East, China, and Indonesia. H1 2026 net sales grew 9.0% to $1.517 billion.
Business model and strategy
Kellanova
How it makes money
Kellanova makes money by manufacturing branded packaged foods and selling them to grocery chains, mass merchants, club stores, convenience stores, foodservice operators and e-commerce retailers in roughly 180 markets.
Growth strategy
Before the sale, Kellanova's stated plan was to grow its biggest snack brands (Pringles, Cheez-It, Pop-Tarts, Rice Krispies Treats) faster than its other categories, expand Cheez-It internationally, and keep building in emerging markets, especially Africa through Multipro.
Competitive advantage
Kellanova's edge is a small number of very large brands with global reach. Pringles sells in more than 140 countries using a single, standardized product and tube format, and Cheez-It is one of the leading cracker brands in the U.S. That brand scale, plus decades of retailer relationships and an emerging-markets footprint in Africa, Latin America and Asia, is what Mars paid a premium for.
Kraft Heinz
How it makes money
Kraft Heinz makes money by manufacturing and selling branded, mostly shelf-stable and refrigerated foods to grocery retailers, mass merchants, club stores, and foodservice operators. It buys commodities such as tomatoes, dairy, meat, coffee, and packaging, turns them into branded products, and earns its margin through brand pricing power, scale in procurement and distribution, and category leadership on the shelf.
Growth strategy
Under Steve Cahillane, Kraft Heinz's growth plan is to invest behind its biggest brands instead of splitting the company. The roughly $700 million incremental 2026 budget, raised from $600 million in August 2026, goes to marketing, R&D and product quality, sales capabilities, and selective price investment, mostly in the US.
Competitive advantage
Kraft Heinz's advantage is a set of category-defining brands, led by Heinz ketchup and condiments, Philadelphia cream cheese, Kraft Mac & Cheese, and Oscar Mayer, combined with national distribution and category-captain relationships with large retailers.
Questions about Kellanova vs Kraft Heinz
Which company has higher revenue — Kellanova or The Kraft Heinz Company?
Kellanova had $12.7B (FY2024), while The Kraft Heinz Company had $24.9B (FY2025). By latest annual revenue, The Kraft Heinz Company is the larger business, with Kellanova showing a smaller revenue base. Note: these are from different fiscal years and are not a direct like-for-like comparison.
What is the market cap of Kellanova vs The Kraft Heinz Company?
The Kraft Heinz Company has a market capitalisation of $29.0B. A public market cap figure for Kellanova was not available (it may be privately held).
How does revenue per employee compare for Kellanova and The Kraft Heinz Company?
Kellanova has $554k / employee in revenue per employee, while The Kraft Heinz Company has $713k / employee. Headcounts may use different dates, so the ratio alone does not establish which business operates more efficiently.
How do Kellanova and The Kraft Heinz Company make money?
Kellanova and The Kraft Heinz Company generate revenue in fundamentally different ways. Kellanova: Kellanova makes money by manufacturing branded packaged foods and selling them to grocery chains, mass merchants, club stores, convenience stores, foodservice operators and e-commerce retailers in roughly 180 markets. The Kraft Heinz Company: Kraft Heinz makes money by manufacturing and selling branded, mostly shelf-stable and refrigerated foods to grocery retailers, mass merchants, club stores, and foodservice operators.
Is Kellanova bigger than The Kraft Heinz Company?
By last reported revenue, The Kraft Heinz Company ($24.9B (FY2025)) is the larger company compared to Kellanova ($12.7B (FY2024)). Revenue scale is one dimension of size — market capitalisation, employee count, and geographic reach are also relevant depending on the context.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the Kellanova vs Kraft Heinz overview